Norse Atlantic As (NRSAF) Q1 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:01.499 -- 00:00:06.671 Welcome everyone and thank you for joining the North Atlantic Q12026 00:00:06.671 -- 00:00:11.983 presentation. This quarter has been challenging for the entire global aviation industry. 00:00:11.983 -- 00:00:17.176 The war in the Middle East, which began on February 28th, has created significant challenges 00:00:17.176 -- 00:00:22.401 for all airlines worldwide. not least due to a sharp rise in the price of jet 00:00:22.401 -- 00:00:27.429 fuel. Against this backdrop, we will take you through the results for the quarter, the 00:00:27.429 -- 00:00:32.858 operational improvements and how we are positioning North to become even more agile 00:00:32.858 -- 00:00:36.163 and deliver profitable operations when markets normalize. 00:00:36.163 -- 00:00:41.211 Despite the significant change in March as a result of the war, we at North 00:00:41.211 -- 00:00:46.519 demonstrating that our transition to becoming a profitable company is on the right 00:00:46.519 -- 00:00:52.037 track. The commercial momentum from December continued into the quarter, with record 00:00:52.037 -- 00:00:58.085 unit revenues, a 99% load factor, and improved underlying profitability. 00:00:58.085 -- 00:01:00.829 Revenue increased by 66%, 00:01:00.829 -- 00:01:05.776 driven by route high degrading, stronger pricing, and half of the fleet on ACMI. 00:01:05.776 -- 00:01:11.805 from end of January, which combined with efficiency measures resulted in a positive EBITDA 00:01:11.805 -- 00:01:16.813 of $5.8 million, up from negative $13.7 million in the 00:01:16.813 -- 00:01:21.881 first quarter last year. The Wintersun program with flights between Europe and Asia 00:01:21.881 -- 00:01:27.009 and South Africa performed really well, and our own network was on path to profitabil...